Income Tax Service
5200 W Market St
Greensboro, NC 27409
Today, I'm going to shift from my normal discussion and just pass on information directly from the NC Department of Revenue. Your NC taxes will be affected, so please take the time to read over the following information.
As the 2014 tax filing season approaches, please consider the following key changes to the 2014 individual income tax law.
Tax Rate - The North Carolina individual income tax rate is now the same for all filing statuses and has been reduced to 5.8%. The tax rate is scheduled to be reduced to 5.75% for 2015.
Standard Deduction - The amount of the North Carolina standard deduction has increased for all filing statuses.
|Filing Status||Previous Standard Deduction For 2013||New Standard Deduction For 2014|
|Married filing jointly / qualifying widow(er)||$6,000||$15,000|
|Married filing separately||$3,000||$7,500|
|Head of household||$4,400||$12,000|
Itemized Deductions - North Carolina‚Äôs itemized deductions are no longer identical to the federal itemized deductions and include the following:
The following are no longer available:
|North Carolina Department of Revenue||Published September 2014|